Okanagan Market Update: South and Central Okanagan Home Sales - Sept 2024
Hi, I’m Jeffrey Sefton, here with your Okanagan market update. Today is October 7th, 2024, and we’re reflecting on the sales trends in the Okanagan for September 2024 compared to the same time last year. We’ll focus on the Central and South Okanagan, providing a general overview. In terms of units sold, we saw a modest increase of 0.4% compared to last year, which is quite minimal and indicates a flat market. In the South Okanagan, there was no change at all. Looking at dollar volume, the Central Okanagan experienced a decline of 3.4% from the same time last year, while the South Okanagan saw a more significant drop of 12%. Regarding active listings, we’re seeing an increase of 33.8% in the Central Okanagan and 32.3% in the South Okanagan. There are plenty of properties on the market right now, and buyers are being cautious, taking their time before making decisions. I’d like to highlight the potential of micro-markets, which can exist within larger geographical areas. For instance, the South and Central Okanagan are broad regions, but they contain various micro-markets that can differ significantly in the real estate landscape. These micro-markets can be based on geographical locations, housing types, or price points. For example, activity may move more quickly in lower price points, and there can be differences between city areas and rural locations, with one experiencing higher sales volumes than the other. Additionally, certain housing types—like condos versus houses—may perform differently, and various neighborhoods within a city may also show diverse performance levels. The demographics of a neighborhood can play a crucial role; a specific area might do better because it attracts a certain type of buyer looking for a particular housing style. I mention this because I frequently get questions from buyers and sellers about why their neighbor’s house is selling while theirs isn’t, even when they’re just a mile apart. The answer often lies in these different micro-markets. Other factors can also come into play, such as pricing—it may not be set correctly—or the property might not be show-ready. Thank you for watching, and I’ll see you next month! Cheers! Jeffrey Sefton Okanagan Home Team Real Broker 250-244-1762 okanaganrealestatesearch.com
South Okanagan Quick Market Update
Hi, Jeffrey Sefton here with your South Okanagan quick market update. We're looking at July 2024 to see what happened as far as the summary statistics are concerned. We're comparing with what happened in and since July 2023. Home Pricing Index - Single-Family Homes Comparing 2023 to 2024 South Okanagan single-family homes were up by 14.9% in sales volume, so about 80 sales here. Benchmark price is $770,100 and that's down just 0.6% from the same time last year which shows that prices are holding compared to last year. Days to sell are up just a little bit, 7% over same time last year to 64 days on market. In 2024 it is taking 64 days on average to sell a property. As far as inventory, it is up slightly by about 30%, so we are seeing a growth in inventory, or number of homes available for sale. If you look to the chart we've got an HPI (home pricing index chart) comparing last year to this year. Last year at this time, July 2023, we were at about $774,000 per home price and index benchmark and now we're very similar to what it was last year, same time. We've had a little bit of activity of course, going up a little bit, then down, and we're back to where we were same time last year price-wise as far as the home pricing index is concerned. Thanks for watching! If you're interested in finding out how your particular neighborhood and housing-type market is performing don't hesitate to reach out. Thanks again for watching! Jeffrey Sefton Okanagan Home Team Real Broker BC 250-244-1762 okanaganrealestatesearch.com
South Okanagan Quick Market Update
Hi, it's Jeff here with the South Okanagan Home Team bringing to you your quick market update for the South Okanagan Residential Real Estate Market Sector. South Okanagan Quick Market Update - Residential Sector We are just ending off the month of May and as far as the month of May compared to last year there are 1500 listings on the market. That's up 57.6 percent as compared to last year same time. You will see a lot more for sale signs out there on the street, more competition for Sellers and a lot more inventory and choice for Buyers. As far as the benchmark price, we are seeing prices are remaining flat. 0.1 % over last year same time for a single family home here is the South Okanagan and that's at $783,500 As far as days to sell. We are looking at an average of 62 days to sell, approximately 2 months. In some areas as you move farther South different, neighbourhoods, different areas you will find that will go up to about 120 days, about 4 months. It really depends on the neighbourhood and housing type. As far as units sold, 191 units sold in the South Okanagan in residential. That is down 2.6% from same time last year same time. Thanks for watching, that's your quick South Okanagan Market Update. Jeffrey Sefton South Okanagan Home Team Real Broker BC 250-244-1762 okanaganrealestatesearch.com
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